VIEWERS CAN NOW READ MY COLUMNS ON VALUENOTES – a web portal where most of the brokers, research houses and experts post their work. Click on – http://www.valuenotes.com/author-details.php?cid=OTE3
ALSO FIND INTRADAY UPDATES ON TWITTER. DHAVAL SHAH@TRADINGWEALTH ON TWITTER.
You are receiving Free Daily Update service called Daily Wealth. It will include technical updates on SPOT NIFTY, Stocks from NIFTY 50, USD/INR, GOLD, SILVER and CRUDE.
Calls given to Subscribers would not be part of this service.
Performance Update of 22-10-2012
Calls given through Yahoo Messenger and Twitter
Sesa Goa stopped out.
Fresh Recommendations for 23-10-2012
I will issue calls through Yahoo Messenger and twitter.
NIFTY : LONG, IF NIFTY CLOSES ABOVE 5730
Nifty continues to trade in the broad range of 5640-5720, it seems that Nifty will pierce down to 5620 level to weed out weak holders of long positions. Hence, as I have said earlier that hold on long positions with closing basis stop loss level of 5620 and create fresh positions only above 5730 level. But, I believe trend still remains up.
Globally, markets have slipped to low levels on Friday but still remains positive technically.
Overall trend remains up until Nifty closes below 5620 level.
Fundamentally Sound and Technically positive stocks: Sintex, Crompton greaves, Educomp, Force Motors, NMDC, TCI ( Transport Corporation of India ), Tecpro systems. I will keep revisiting this list.
Rupee’s outlook remains same as said yesterday:
Rupee hit the targets, I had expected. Rupee reached to close to 54, even traded above 54 for brief period but faced resistance and closed at 53.83. I have created short positions around closing levels. But, Rupee will keep oscillating between 52.70 to 53.90 for next 1-2 weeks. Hence, accumulate short positions when Rupee trades above 53.90. Rupee may give a quick spike up to 54.28 any day in next week. Use that opportunity to create short positions at higher levels.
I believe, this is very sure trade that Rupee will hit back the low of 51. 30-51.40 reached on 5th oct again. Hence, create short positions and hold with patience. One will get many opportunity to create short positions in next 1-2 week, hence do not jump on to create positions at one level.
Gold’s outlook remains same for tomorrow, as said yesterday:
Speculative short positions showing windfall gains as Gold continued to slip to lower levels as expected but at the same time found support around 30700 as expected in Indian price.
As said on 18th Oct, I recommended to add more short positions with closing basis stop loss of $1769. With closing at $1721, Gold achieved first target of $ 1720, I will exit 50% short positions at this level.
Possibility of slipping to lower levels of $ 1690 to $ 1660 still remains.
Rupee’s slide has extended cushion to Gold. I believe Gold will broadly remain in the range of 30700 to 31300 for some days till the Rupee tops out.
As I have said many a times that Silver is higher beta version of Gold and that’s why shows higher volatility on both the sides compared to Gold.
Silver breached support of $ 32.15 as expected, next support levels are $ 31.15 -$ 31.45.
I will remain sideways. Will update as opportunity arises.
Blog: dcshah76 to add their Ids on Yahoo messenger or may follow me on twitter .
Disclaimer: Daily Wealth is a free daily investment newsletter published by Investment Academy. This publication does not provide individual, customized investment or trading advice. All information is based upon data whose accuracy is deemed reliable, but not guaranteed. Performance returns cited are derived from our best estimates, but hypothetical as we do not track actual prices of customer purchases and sales. Author might have open positions in the stocks and Indices recommended above.